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California CUs grow 3.02 in assets

RANCHO CUCAMONGA, Calif. (10/27/08)--California credit unions’ assets grew 3.02% during the first half of 2008--about 0.08 percentage points off last year’s pace, according to the California and Nevada Credit Union Leagues. Credit union shares grew 3.62% from January through June. “Overall, shares gained more than $5 billion, offering credit unions liquidity, which is a highly coveted position in today’s marketplace,” said Daniel Penrod, league industry analyst. Credit unions in the state realized a $3.1 billion gain in fixed-rate first mortgages through the first two quarters of 2008. Money market and regular shares grew 15.25% and 8.55%, respectively. Share certificate growth increased $133 million and retirement accounts increased by $504 million. Available for sale securities increased $2.2 billion, investments in corporate credit unions were $941 million, and total deposits in other institutions were $479 million.